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EGBs-GILTS CASH CLOSE: Strong Day For Steepeners And Peripheries

BONDS

A very strong day for bear steepeners in core FI and for periphery EGBs. Long-end Gilt and Bund yields rose steadily throughout the session, erasing Tuesday's bull flattening.

This despite risk appetite seemingly fading, with equities well off midday highs and gold soaring. Once again, markets largely shrugged off data (Italy/Spain Svcs PMI largely in line). Most focus remains on the BoE meeting Thursday.

Closing levels:

  • Germany: The 2-Yr yield is up 1.1bps at -0.695%, 5-Yr is up 3.7bps at -0.69%, 10-Yr is up 4.7bps at -0.506%, and 30-Yr is up 5.2bps at -0.089%.
  • UK: The 2-Yr yield is up 1.6bps at -0.052%, 5-Yr is up 3.5bps at -0.098%, 10-Yr is up 5.3bps at 0.13%, and 30-Yr is up 6.7bps at 0.667%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread down 2.2bps at 147.8bps
  • Spanish bond spread down 2bps at 81.6bps
  • Portuguese PGB spread down 1.9bps at 83.3bps
  • Greek bond spread down 5.1bps at 155.2bps
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